Ferrotungsten price keeps sliding
2005-07-26 10:03:31 【Print】
BEIJING (Asian Metal) 26 Jul 05 – The market for ferrotungsten is quiet during the summer, and one of the four major Chinese smelters reduced its quote further to USD27/kg.
Stopped its production two weeks ago, the smelter quotes the price at USD27/kg, but it was around USD30/kg last week. “Even with such low price, we haven’t concluded a deal for a while, and we are only carrying long term contracts at the moment,” said a senior executive.
“We understand that it’s summer time, and price drops as usual. Less the demand, lower the price. We just hope the market would rebound soon,” said source. “I believe the market would start to turn around by the end of August, when western people start working.”
A Hong Kong trader reported to Asian Metal that he received a quote of USD27/kg for ferrotungsten. “I’m beginning to get inquires now. Although the amount is very small, it’s still a good sign,” said the trader. According to the source, the deal could be concluded at a little over USD26/kg.
The source said: “I am looking optimistic for the future market. I think the market would rebound by the end of August. I know North American Tungsten Corporation will join the market in September, but its production volume is very small compared to Chinese tungsten stockpiles, so I think it won't make a big impact to the market."
